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Middle East Tensions Drive Oil Surge as Central Banks Hold Focus

Tensions are brewing in the Middle East after US and Iran exchanged fire against each other in the Strait of Hormuz in the early hours. Reports also coming in from UAE that their air defense engaged in 19 threaths of Iranian missiles and drones. One attack was successful with impact on an oil port. We have seen oil prices rise in the early Tuesday session.

RBA, Reserve Bank of Australia, raised interest rates in its third consecutive meeting. This time by a split decision of 8-1 in favour. Now seeing interest rates at 4.35% for Australia. Concerns of growing inflation levels has been the key factor for RBA to raise borrowing levels. This afternoon We have speeches from both Christine Lagarde and and Philip Lane from ECB, European Central Bank. With the tension escalating in the Middle East and while oil and energy prices are rising. If we do see any incline from either member of changes in their forward stance on monetary policies, we could see EUR strength on the back end of these meetings.

GBP/EUR 1.1573 GBP/USD 1.3535 GBP/AED 4.9713

GBP/AUD 1.8906 GBP/CHF 1.0600 GBP/CAD 1.8430
GBP/NZD 2.3022 EUR/USD 1.1680 GBP/ZAR 22.7045

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